£2.85m deal to secure build of these two luxury properties near Preston, one with indoor swimming pool

In the latest property deal, leading property investment platform Sourced Capital has confirmed a £2.85m agreement to fund a development loan for two luxury new-build residential properties in Cuddy Hill, Preston.

Both properties are set to be substantial in size with high-end fittings.

Plot one, which is sized at 5,300 square feet, will also include an indoor-swimming pool. Prices for both will be disclosed following the build.

Cuddy Hill is four miles north-west of Fulwood and six miles north-west of Preston, and lies within the Preston City Council area.

The average sold price for a property in Cuddy Hill in the last 12 months is £438,000, according to property website Zoopla.

The most expensive property in the area currently is being marketed at just over £1m (this doesn’t include any POA properties)

But it’s becoming clear that large homes in more rural areas just clear of the city are becoming increasingly popular with multiple large and expensive properties within five miles of the city marketed from £1-2m – from Samlesbury to Much Hoole to Hoghton.

Despite this, week Rightmove’s House Price index reported a fall in price property coming to the market for first time this year, down 1.3% in the month to £365,173 (-£4,795).

But it is line with falls often seen in August, when many are on holiday.

Buyer enquiries to agents are down 4% on the hot market of 2021, but remain 20% higher than 2019

Meanwhile, new listings are up by 12% on the same period last year, but are still 6% down on 2019, while available stock is down 39% on 2019

The average house price in the North West sits at £251,402, according to the same index, which is a year on year rise of 10% with 32 days on average to completion.

Derek Pratt, Commercial Director at Sourced Capital, said: “We are delighted to be working very closely with the developer on this exciting project and we look forward to seeing these two luxury properties come to life over the next 18 months.”